AUDUSD Analysis 05.12.2018

The Australian dollar fell for a third consecutive session of its highest since August 9 against the US dollar following developments and economic data that followed the Australian economy and amid the lack of economic data on Wednesday by the US economy, the largest economy in the world because of the official holiday approved by President of the United States Donald Trump in America, a mournful tribute to former US President George H. W.

At 03:59 am GMT, the AUDUSD dropped 0.52% to 0.7300 compared to the opening levels of 0.7338, after reaching a low of 0.7295 while the highest at 0.7356.

We followed the Australian economy by reading the Australian Industry Group (AIG) service sector index which expanded to 55.1 from 51.1 in October, before we saw GDP reading, which showed a slowdown in growth to 0.3% Against 0.9% in the second quarter, worse than expectations for a slowdown in growth to 0.6%.

GDP growth slowed to 2.8% from 3.1% in the previous year's second quarter reading, in contrast to expectations of a 3.3% growth rate, coming hours after the central bank's monetary policy decision Short-term benchmark interest rates at 1.50% for the 26th consecutive meeting.

Technical analysis:

AUDUSD trades significantly lower to test pivotal support 0.7277, and the price needs to stabilize above this level to keep the bullish scenario intact for the coming period, supported by Stochastic entering the overbought areas.

Therefore, we will continue to push the upside correction unless the levels of 0.7277 - 0.7250 are broken and stability below it, noting that our next target is at 0.7437.

The trading range for today is expected among the support at 0.7250 and the resistance at 0.7370.

The general trend for today is bullish.